Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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Income earned by a housing cooperative society from interest on fixed deposits and rental income is eligible for set-off against maintenance expenses. The interest income is directly linked to the activity of maintaining the residential premises, reducing the maintenance contribution burden on members. The society rightly set off the interest income against its income. The addition made by the authorities on this ground is liable to be deleted. Furthermore, as the society has shown a net surplus after netting out maintenance expenses, it is eligible for deduction u/s 80P(2)(c)(ii) of the Act, which the assessing officer is directed to allow. The grounds raised by the assessee regarding set-off of interest and rental income against maintenance expenses and granting of standard deduction are allowed in favor of the assessee.
Income earned by a housing cooperative society from interest on fixed deposits and rental income is eligible for set-off against maintenance expenses. The interest income is directly linked to the activity of maintaining the residential premises, reducing the maintenance contribution burden on members. The society rightly set off the interest income against its income. The addition made by the authorities on this ground is liable to be deleted. Furthermore, as the society has shown a net surplus after netting out maintenance expenses, it is eligible for deduction u/s 80P(2)(c)(ii) of the Act, which the assessing officer is directed to allow. The grounds raised by the assessee regarding set-off of interest and rental income against maintenance expenses and granting of standard deduction are allowed in favor of the assessee.
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